Why Saudi Aramco made abnormal profit of $110b in 2021

Saudi Aramco sees abnormal profit in 2021


Why SAUDI ARAMCO made abnormal profit of $110billion in 2021

Saudi Arabia is one of the world’s richest countries in oil. Saudi Arabia, Iran and Venezuela have the world’s 1.55 trillion barrels of oil reserves. Read more: Iran, Saudi Arabia and Venezuela have half of the world’s 1.55 trillion barrels of oil reserves – reports

Saudi Arabia is one of the richest countries in the world and one of the secrets behind it is Saudi Saudi Aramco. In fact, more than half of the secrets. The country heavily depend on oil, and has become tye world’s biggest export.

Saudi Aramco controls Saudi Arabia’s oil reserve which is under the supervision of the Kingdom, where Crown Prince Mohammed Bin Salman is in charge.

The company’s 2021 annual profit more than doubled. It announces its full year net profit after tax which is $109.9 billion, approximately 412.4 billion riyals. The profit far exceed that of 2020 which stood at $49 billion

One of the main factors is the high level of energy cost in recent times.

Saudi Aramco topped the list of 2021 most profitable companies in the world. The company have high potentials to boost performance in 2022 as it has taken steps to achieve that. Saudi Aramco has a long term plan. It announce a massive increase in spending to boost maximum sustainable capacity to 13 million barrels a day by 2027.

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It’s obvious the company has so much prospects and potentials, and will even achieve more in 2022. Looking at what is happening between Ukraine and Russia where most super powerful nations imposed sanctions on Russia. The attention have been shifted Russia’s oil to other options and Saudi Arabia is definitely one. This will be another win for the Kingdom of Saudi Arabia to maximise profit. UK Prime Minister, Boris Johnson was in the country to negotiate oil supply this week.

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